The Briefing by Martin Peers, Jessica Lessin and the team at The Information

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The Briefing

By Martin Peers, Jessica Lessin and the team at The Information

Get smarter about the day’s news in tech, media and finance by following Silicon Valley’s most-read executive newsletter.

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Recent Editions

Where Amazon Trails: Digital Payments

By Priya Anand · Oct 16, 2019 12:03pm PDT

Amazon grew into the most powerful online retailer in part by making it effortless for shoppers to buy things with one click. An Amazon effort to become the payment system for other retailers has mostly bombed, though, despite modest improvements in its market position in recent years, new data shows.The good news for Amazon Pay—as the... Amazon grew into the most powerful online retailer in part by making it effortless for shoppers...

Illustration by Danielle Davis

Startups to Watch

The Young Firms Rethinking Social Media

By Alex Heath · Oct 16, 2019 7:01am PDT · 7 comments

The world of social media is dominated by companies like Facebook, Snapchat and Twitter, but that hasn’t stopped a new breed of startups from trying to carve out markets where they think the sector’s giants have fallen short.These emerging social media firms, four of which we profile below in our latest installment of Startups to... The world of social media is dominated by companies like Facebook, Snapchat and Twitter, but that...

A technician working for Dish Network, which has begun offering marketing and customer support to other TV providers. Photo by Bloomberg

As Cord-Cutting Speeds Up, Cable Operators Start to Surrender

By Jessica Toonkel · Oct 15, 2019 2:36pm PDT · 2 comments

Braintree Electric Lighting Department, an electric utility in Braintree, Massachusetts, has been selling broadband and television services to its 16,500 customers for roughly two decades. But over the past few years it has been losing a couple of dozen TV customers per month as people opt to watch their favorite TV shows and movies online.... Braintree Electric Lighting Department, an electric utility in Braintree, Massachusetts, has been...

Export of Sensitive U.S. Technology Slows Under Trump

By Matt Drange and Mike Sullivan · Oct 15, 2019 7:00am PDT

Export of Sensitive U.S. Technology Slows Under Trump

By Matt Drange and Mike Sullivan · Oct 15, 2019 7:00am PDT

The Trump administration has made it harder for U.S. tech companies to export sensitive U.S. technologies, such as encryption software, semiconductors and drones. Export license approvals have dropped and rejections have risen in recent years, data obtained by The Information shows, and lawyers advising companies seeking export licenses say... The Trump administration has made it harder for U.S. tech companies to export sensitive U.S....

Illustration by Mike Sullivan. Bill Gates photo by Bloomberg

Bill Gates Mellows—a Bit—at Microsoft

By Kevin McLaughlin · Oct 14, 2019 7:02am PDT · 2 comments

For more than a decade, the public image of Bill Gates has been that of a globe-trotting philanthropist, using his fortune to fight poverty, disease and climate change. A recent three-part Netflix documentary on Gates shows him applying his acumen to invent better toilets for the developing world and extract carbon from the atmosphere. What... For more than a decade, the public image of Bill Gates has been that of a globe-trotting...

Facebook's David Marcus during a House Financial Services Committee hearing in July. Photo: Bloomberg

Facebook Struggles to Respond to Regulators, Lawmakers on Libra

By Christopher Stern · Oct 13, 2019 4:48pm PDT · 2 comments

The companies recruited by Facebook to oversee its cryptocurrency are slated to meet in Geneva on Monday amid mounting questions about the project. Five high-profile corporate partners in Libra dropped out on Friday, the latest blow to the initiative that has faced skepticism from the start from authorities around the world. Adding to the... The companies recruited by Facebook to oversee its cryptocurrency are slated to meet in Geneva on...

What VCs Can and Can’t Learn From 2016

By Jessica E. Lessin · Oct 12, 2019 7:46am PDT

It was the end of 2015, and the U.S. stock market was in a rough place. A big selloff in China dragged down stocks globally. Falling oil prices and concerns about the solvency of Greece added to investors’ fears. The pain was felt all the way over in Silicon Valley, where startups who needed to fundraise quickly found investors... It was the end of 2015, and the U.S. stock market was in a rough place. A big selloff in China...

The Information’s 411 — God-Zillow

By Tom Dotan · Oct 11, 2019 3:51pm PDT

The Information’s 411 — God-Zillow

By Tom Dotan · Oct 11, 2019 3:51pm PDT

Nick recaps his conversation with Rich Barton and explains why the Zillow CEO is embracing ecommerce despite the heavy investments. He also discusses whether Microsoft's commitment to the surface has paid off. And why Apple's reliance on China may heavily influence its reaction to the protests in Hong Kong. Nick recaps his conversation with Rich Barton and explains why the Zillow CEO is embracing...

Vice CEO Nancy Dubuc. Photo by Bloomberg

The New Norm for Digital Media Valuations

By Tom Dotan · Oct 11, 2019 7:00am PDT · 3 comments

The consolidation of the digital media industry is well and truly underway, with Refinery29, New York Media and PopSugar each being swallowed up in the past few weeks. Those deals have highlighted how much valuations have come down from the highs of recent years—with implications for the companies that remain.Potentially most affected is... The consolidation of the digital media industry is well and truly underway, with Refinery29, New...

A Klook tour guide on a Klook-hosted walking tour in Hong Kong last year. Photo by Bloomberg

The Big Interview

SoftBank-Backed Tourism App Klook Eyes Expansion in Europe

By Shai Oster and Juro Osawa · Oct 10, 2019 11:09am PDT

Japan is a popular travel destination, but planning visits to lesser-known sights can be hard for foreigners. Online booking isn’t always available on local websites, and information in English can be limited. That’s where Klook, a fast-growing global tourism app, comes in. Its offerings in Japan include tickets for everything from... Japan is a popular travel destination, but planning visits to lesser-known sights can be hard for...

A Reality Check for Microsoft’s Surface Business

By Nick Wingfield · Oct 10, 2019 7:01am PDT · 3 comments

Last week, Microsoft held what has become an annual event for the company, a fall showcase for its latest Surface devices. The widespread praise that greeted the new products was a pinch-yourself moment for those of us old enough to remember when Microsoft didn’t make computers and was often blasted for its bad design taste. But... Last week, Microsoft held what has become an annual event for the company, a fall showcase for...

Facebook CEO Mark Zuckerberg. Photo: Bloomberg

Facebook Finds Few Allies in Encryption Fight

By Ashley Gold · Oct 9, 2019 7:01am PDT · 1 comment

Facebook CEO Mark Zuckerberg. Photo: Bloomberg

Facebook Finds Few Allies in Encryption Fight

By Ashley Gold · Oct 9, 2019 7:01am PDT · 1 comment

When U.S. Attorney General William Barr urged Facebook CEO Mark Zuckerberg last week to hold off on a plan to bolster encryption of its messaging services, the social networking giant fought back, saying it strongly opposes creating a loophole that would allow government access to users’ communications.Elsewhere in the tech industry, the... When U.S. Attorney General William Barr urged Facebook CEO Mark Zuckerberg last week to hold off...

Photo by Bloomberg

Head of Airbnb’s ‘Experiences’ Division to Step Down

By Cory Weinberg · Oct 8, 2019 4:44pm PDT · 1 comment

One of Airbnb’s earliest employees plans to leave his position atop the company’s “Experiences” division that sells travel tours and other activities, putting a spotlight on a division seen as key for Airbnb’s hopes of diversifying into a broader group of travel services than just accommodation, people familiar with... One of Airbnb’s earliest employees plans to leave his position atop the company’s...

Hillhouse Chairman Zhang Lei. Photo by Bloomberg

Tencent to Invest $500 Million in Hillhouse China Drugstores

By Wayne Ma · Oct 8, 2019 3:21pm PDT

Chinese internet giant Tencent is planning to invest about $500 million in Hillhouse Capital Group’s Chinese drugstore business, in a deal that values the unit at around $2.5 billion, a person familiar with the matter said.The potential investment would be another sign of how Tencent, which operates the ubiquitous WeChat social messaging... Chinese internet giant Tencent is planning to invest about $500 million in Hillhouse Capital...

A WeWork location in London. Photo: Bloomberg

WeWork Plans to Shed One-Third of Technology Employees

By Cory Weinberg · Oct 8, 2019 2:32pm PDT · 1 comment

WeWork expects to shed about 500 of the roughly 1,500 software engineers, product managers and data scientists employed in the company’s technology division, a person familiar with the matter said, as a result of layoffs and selling businesses. The job cuts could further dilute WeWork’s identity as a tech company in the real estate... WeWork expects to shed about 500 of the roughly 1,500 software engineers, product managers and...

Zillow CEO Rich Barton. Photo by Zillow

To Reinvent Zillow, Barton Draws Inspiration From Netflix and Amazon

By Nick Wingfield · Oct 8, 2019 7:01am PDT · 6 comments

Zillow CEO Rich Barton. Photo by Zillow

The Big Interview

To Reinvent Zillow, Barton Draws Inspiration From Netflix and Amazon

By Nick Wingfield · Oct 8, 2019 7:01am PDT · 6 comments

Zillow CEO Rich Barton has been around the internet long enough that he can recognize a disruptive technology on the verge of upending a market. At Netflix, where Barton has been a board member since 2002, he was present when the company got into video streaming after anticipating the demise of its DVD rental business. Several years later,... Zillow CEO Rich Barton has been around the internet long enough that he can recognize a...

Postmates CEO Bastian Lehmann at the TechCrunch Disrupt conference on Friday. Photo by Bloomberg

Can the CEO of Postmates Deliver for Investors?

By Priya Anand · Oct 7, 2019 7:01am PDT

Judging by the response to recent stock offerings from consumer tech companies, Postmates will likely face a skeptical reception for its planned IPO. While the on-demand meal delivery service has earned a passionate following in places like Los Angeles, the company is unprofitable at a moment when public investors have soured on money-losing... Judging by the response to recent stock offerings from consumer tech companies, Postmates will...

Inside the VC-Banker Crossfire Over Direct Listings

By Jessica E. Lessin · Oct 5, 2019 7:47am PDT · 2 comments

If you bumped into a venture capitalist this week, he or she probably brought up the super-secret confab Benchmark partner Bill Gurley held this week to proselytize the benefits of direct listings. Investors, directors and lawyers gathered at San Francisco’s Palace Hotel, and, despite the presentation screens going out on... If you bumped into a venture capitalist this week, he or she probably brought up the super-secret...

The Information’s 411 — Leaks and Geeks

By Tom Dotan · Oct 4, 2019 3:23pm PDT

Alex joins to talk about the new names atop Facebook's organization. Also, we go into its latest attempt to take on Snapchat and the now-infamous leak of Mark Zuckerberg's internal Q & A session. Alex joins to talk about the new names atop Facebook's organization. Also, we go into its...

Tubi CEO Farhad Massoudi. Photo courtesy of Tubi TV.

Video Streaming Service Tubi TV Looks to Raise $150 Million

By Tom Dotan and Jessica Toonkel · Oct 4, 2019 1:39pm PDT · 1 comment

Tubi CEO Farhad Massoudi. Photo courtesy of Tubi TV.

Video Streaming Service Tubi TV Looks to Raise $150 Million

By Tom Dotan and Jessica Toonkel · Oct 4, 2019 1:39pm PDT · 1 comment

Tubi TV, a free ad-supported video streaming service that shows old movies and TV shows, is in talks to raise around $150 million in a new round of funding, according to two people familiar with the plans. If successful, it would be by far the largest round raised by the service and would signal the interest investors have in the ad-supported... Tubi TV, a free ad-supported video streaming service that shows old movies and TV shows, is in...